Vitrectomy Devices - Market Insights, Competitive Landscape, and Market Forecast - 2028

Vitrectomy Devices Market By Product (Vitrectomy Systems And Vitrectomy Accessories), Application (Diabetic Retinopathy, Retinal Detachment, Vitreous Hemorrhage, And Others), End-User (Hospitals, Ophthalmology Clinics, And Ambulatory Surgical Centers), and geography is expected to grow at a steady CAGR forecast till 2028 owing to the increasing prevalence of retinal disorders such as diabetic retinopathy and increase in new product launches and technical advancements in the domain of ophthalmology.

The global Vitrectomy Devices market was valued at USD 1.12 billion in 2022, growing at a CAGR of 7.12% during the forecast period from 2023 to 2028. The demand for Vitrectomy Devices is primarily being boosted by the increasing prevalence of retinal disorders such as retinal detachment, diabetic retinopathy, and others. Additionally, the increase in technological advancements and new product launches in the domain of ophthalmology are other key factors influencing the positive growth of the market. Further, the increasing number of trauma cases associated with retinal tear and detachment is also contributing to the overall growth of the Vitrectomy Devices market during the forecast period from 2023-2028.

Vitrectomy Devices Market Dynamics:

According to the data provided by Vision Loss Expert Group 2020, which is a part of IABP estimated that around 1 million people were suffering from blindness due to Diabetic Retinopathy in the year 2020, and around 3 million people had moderate to severe vision impairment, globally. Thus, the rising prevalence of various retinal disorders will eventually boost the market for Vitrectomy Devices.

Additionally, the data provided by the International Diabetes Federation (IDF) 2019, it was estimated that the total number of people suffering from diabetes will increase from 578 million in 2030 to 700 million in 2045, globally. Thus, the increasing prevalence of diabetes is also a significant factor contributing to the rise in the cases of diabetic retinopathy, which will also drive the Vitrectomy devices market during the forecast period.

Another key driver for the Vitrectomy devices market is the increase in the adoption of technological advancements products and new product launches. For Instance, in January 2021, D.O.R.C Dutch Ophthalmic Research Center (International) B.V. received approval of TissueBlueTM, from Health Canada. The product is used for staining of the internal limiting membrane (ILM), during vitrectomy surgeries. Therefore, the rising product launches, approvals, and increase in technological advancements in the domain of ophthalmology are propelling the growth of the vitrectomy devices market.

However, the complications associated with Vitrectomy procedures and the high cost associated with Vitrectomy Devices are some of the market barriers that may restrict the growth of the Vitrectomy Devices market.

Vitrectomy Devices Market Segment Analysis:

Vitrectomy Devices Market by Product (Vitrectomy Systems and Vitrectomy Accessories), Application (Diabetic Retinopathy, Retinal Detachment, Vitreous Hemorrhage, and Others), End-users (Hospitals, Ophthalmology Clinics, and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the Vitrectomy Devices market, the Vitrectomy Systems category is expected to amass a significant revenue share in the year 2022. This can be attributed to the various advantages provided by the vitrectomy systems such as the presence of smart vitrectomy systems. Smart vitrectomy systems consisting of artificial intelligence, helps in providing real-time assistance to surgeons during the surgery in decision-making and provides more personalized and effective interventions. Additionally, continuous advancements in fluidic control systems and illumination technologies in vitrectomy devices are further contributing to better surgical environments. These systems ensure stable vitrectomy procedures, while improved illumination of the vitrectomy systems facilitates clearer visualization during the surgical procedure. Thus, the advantages provided by the Vitrectomy Systems are some of the key factors contributing to the growth of the segment.

Furthermore, as the demand for this segment grows, various products are launched in the market. For Instance, in March 2022, D.O.R.C Dutch Ophthalmic Research Center (International) B.V launched EVA NEXUS, an integrated system consisting of retina, cataract, and combined surgery capabilities.

Therefore, owing to the above-mentioned advantages and applications provided by Vitrectomy Systems, and the new product launches in this category is expected to register significant growth, thereby driving the growth of the overall Vitrectomy Devices market during the forecast period.

North America is expected to dominate the overall Vitrectomy Devices Market:

Among all the regions, North America is estimated to account for the largest share of the Vitrectomy Devices market in the year 2022. This can be attributed to the presence of a large patient pool suffering from various ophthalmological disorders. Additionally, easy availability of technologically advanced products, high awareness of diabetic retinopathy, easy availability of skilled ophthalmologists, and presence of major market players are among key factors influencing the growth of the market in North America.

According to a study published in JAMA Ophthalmology in the year 2021, "Prevalence of Diabetic Retinopathy in the US", it was estimated that 9.6 million people in the United States suffered from diabetic retinopathy in 2021. According to the same source, around 1.84 million people in the United States have vision threatening diabetic retinopathy (VTDR). Thus, the rising prevalence of various ophthalmological disorders will boost the market for Vitrectomy Devices in the United States, which in return will boost the overall Vitrectomy devices in North America.

According to the data provided by the Centers for Disease Control and Prevention (CDC) 2023, it was estimated that 29.7 million people, which accounts for 8.9% of the total population in the United States were diagnosed with Diabetes in the year 2021. Thus, the increasing prevalence of diabetes is a significant factor, which is contributing to the rise in the cases of diabetic retinopathy, which will eventually boost the market for Vitrectomy devices in the region.

Further, the presence of key market players and various key product launches and approvals in the region are some of the other factors that are influencing the positive growth of the market in the region. For Example, in April 2022, Carl Zeiss Meditec AG received FDA approval for the QUATERA 700 system.

Therefore, the factors mentioned above, and the presence of key market leaders with increasing product launches and product approvals in the region are some of the important factors which are thereby responsible for driving the overall market for Vitrectomy Devices in North America during the forecast period.

Vitrectomy Devices Market Key Players:

Some of the key market players operating in the Vitrectomy Devices market include: Alcon, Carl Zeiss Meditec AG, Lecia Microsystems, IRIDEX Corporation, Lumines Be Ltd., NIDEK CO., LTD., D.O.R.C Dutch Ophthalmic Research Center (International) B.V., Geuder AG, Optos, Hoya Surgical Optics, BVI, and Johnson & Johnson, Inc.

Recent Developmental Activities in the Vitrectomy Devices Market:

• In July 2021, D.O.R.C Dutch Ophthalmic Research Center (International) B.V. launched its EVA EquiPhaco angled needles, equipped with enhanced chamber stability and ultrasonic efficiency.
• In January 2019, Hoya Surgical Optics acquired Mid Labs and Fritz Ruck. The main objective of the acquisition is to help Hoya Surgical Optics to expand its product offerings.

Key Takeaways from the Vitrectomy Devices Market Report Study:

• Market size analysis for current Vitrectomy Devices market size (2022), and market forecast for 5 years (2023-2028)
• Top key product/and technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global Vitrectomy Devices market.
• Various opportunities available for the other competitors in the Vitrectomy Devices market space.
• What are the top-performing segments in 2022? How these segments will perform in 2028?
• Which are the top-performing regions and countries in the current Vitrectomy Devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Vitrectomy Devices market growth in the coming future?

Target Audience who can be benefited from this Vitrectomy Devices Market Report Study:

• Vitrectomy Devices product providers
• Research organizations and consulting companies
• Vitrectomy Devices -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Vitrectomy Devices
• Various End-users who want to know more about the Vitrectomy Devices market and the latest technological developments in the Vitrectomy Devices market

Frequently Asked Questions for the Vitrectomy Devices Market:

1. What is meant by Vitrectomy Devices?

• Vitrectomy Devices are surgical instruments used during vitrectomy. Vitrectomy refers to a surgical technique to remove or replace the vitreous humor (gel-like substance) present inside the eye. These devices typically include vitrectomy systems and other accessories that aid in the removal of vitreous tissue.

2. What is the market for global Vitrectomy Devices?

• The global Vitrectomy Devices market was valued at USD 1.12 billion in 2022, growing at a CAGR of 7.12% during the forecast period from 2023 to 2028.

3. What are the drivers for the global Vitrectomy Devices market?

• The Vitrectomy Devices market is slated to witness prosperity owing to factors such as the increasing prevalence of retinal disorders such as Diabetic Retinopathy and other factors causing the disease. Additionally, new product launches and technical advancements in the domain of ophthalmology will further propel the growth of the market. Further, an increase in several trauma cases associated with retinal tear and detachment will also result in appreciable revenue growth in the Vitrectomy Devices market during the forecast period (2023-2028).

4. Who are the key players operating in the global Vitrectomy Devices market?

• Some of the key market players operating in the Vitrectomy Devices market include Alcon, Carl Zeiss Meditec AG, Lecia Microsystems, IRIDEX Corporation, Lumines Be Ltd., NIDEK CO., LTD., D.O.R.C Dutch Ophthalmic Research Center (International) B.V, Geuder AG, Optos, Hoya Surgical Optics, BVI, and Johnson & Johnson, Inc.

5. Which region has the highest share in the global Vitrectomy Devices market?

• North America is expected to dominate the overall Vitrectomy Devices Market during the forecast period, 2023 to 2028. Due to the presence of a large patient pool suffering from ophthalmological disorders. Additionally, the easy availability of technologically advanced products in the region is another contributing factor to the growth of the Vitrectomy Devices market in North America. Further, the region has a very potent market for product development and launches, and the presence of a high concentration of market players in the region will also help in boosting the market for vitrectomy devices in North America.